CANADA STOCKS-TSX firms as higher Brent crude helps energy stocks

Wed Mar 11, 2015 11:08am EDT
 
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* TSX up 60.80 points, or 0.42 percent, at 14,702.56

* Eight of 10 main sectors higher

By Alastair Sharp

TORONTO, March 11 (Reuters) - Canada's main stock index won back marginal gains on Wednesday, with oil and gas stocks bouncing back in line with a rise in the price of Brent crude oil.

The index had lost more than 3 percent in the prior three sessions as investors' bets on a Federal Reserve interest rate hike boosted the U.S. dollar and hit commodity prices. Canada is a major exporter of commodities such as oil and lumber.

Brent prices rose on Wednesday, and shares in major Canadian producers followed, with Suncor Energy Inc up 1.3 percent at C$35.99 and Canadian Natural Resources Ltd adding 0.7 percent to C$36.63.

Crescent Point Energy gained 2.4 percent to C$28.36 after reporting a jump in production.

But one long-term investor said the tide had not yet turned for commodities and investors should be cautious, especially given the handful of companies issuing new stock recently.

"People are chomping at the bit to put money back in, they're all looking for bargains," said Norman Levine, managing director at Portfolio Management Corp. "It's way too early, you're going to get burned."   Continued...